01842cam a22002657 4500001000700000003000500007005001700012008004100029100002600070245014200096260006600238490004200304500001900346520065100365530006101016538007201077538003601149690006501185690011201250700002001362710004201382830007701424856003801501856003701539w15626NBER20180524140415.0180524s2009 mau||||fs|||| 000 0 eng d1 aStroebel, Johannes C.10aEstimated Impact of the Fed's Mortgage-Backed Securities Purchase Programh[electronic resource] /cJohannes C. Stroebel, John B. Taylor. aCambridge, Mass.bNational Bureau of Economic Researchc2009.1 aNBER working paper seriesvno. w15626 aDecember 2009.3 aWe examine the quantitative impact of the Federal Reserve's mortgage-backed securities (MBS) purchase program. We focus on how much of the recent decline in mortgage interest rate spreads can be attributed to these purchases. The question is more difficult than frequently perceived because of simultaneous changes in prepayment and default risks. When we control for these risks, we find evidence of statistically insignificant or small effects of the program. For specifications where the existence or announcement of the program appears to have lowered spreads, we find no separate effect of the size of the stock of MBS purchased by the Fed. aHardcopy version available to institutional subscribers. aSystem requirements: Adobe [Acrobat] Reader required for PDF files. aMode of access: World Wide Web. 7aE52 - Monetary Policy2Journal of Economic Literature class. 7aG12 - Asset Pricing • Trading Volume • Bond Interest Rates2Journal of Economic Literature class.1 aTaylor, John B.2 aNational Bureau of Economic Research. 0aWorking Paper Series (National Bureau of Economic Research)vno. w15626.4 uhttp://www.nber.org/papers/w1562641uhttp://dx.doi.org/10.3386/w15626